Long-Term Debt

9 Months Ended

Sep. 30, 2021

Long-term debt consisted of the following at September 30, 2021 and December 31, 2020 (in millions):


	September 30, 2021		December 31, 2020
Credit Facility	$	250.5	$	719.0
2023 Senior Notes	—		687.2
2025 Senior Notes	500.0		500.0
2027 Senior Notes	600.0		600.0
2029 Senior Notes	700.0		—
Other(1)	0.2		0.4
Less: deferred financing costs, net	25.6		22.6
Total debt	2,025.1		2,484.0
Less: current portion	0.2		0.2
Total long-term debt, less current portion	$	2,024.9	$	2,483.8

(1)Represents non-interest bearing obligations related to certain companies acquired in 2014 with payments due through 2022.

Credit Facility

Crestwood Midstream’s five-year $1.25 billion revolving credit facility (the CMLP Credit Facility) is available to fund acquisitions, working capital and internal growth projects and for general partnership purposes. Contemporaneous with the Crestwood Holdings Transactions described in Note 1, Crestwood Midstream entered into the Third Amendment to its credit agreement in order to, among other things, permit the borrowings under the CMLP Credit Facility to fund the Crestwood Holdings Transactions and revise the definition of Change in Control in the CMLP Credit Agreement as it relates to the control of CEQP’s general partner). The other covenants and restrictive provisions under the amended credit agreement are materially consistent with the covenants that existed at December 31, 2020.

Crestwood Midstream is required under its credit agreement to maintain a net debt to consolidated EBITDA ratio (as defined in its credit agreement) of not more than 5.50 to 1.0, a consolidated EBITDA to consolidated interest expense ratio (as defined in its credit agreement) of not less than 2.50 to 1.0, and a senior secured leverage ratio (as defined in its credit agreement) of not more than 3.75 to 1.0. At September 30, 2021, the net debt to consolidated EBITDA ratio was approximately 3.45 to 1.0, the consolidated EBITDA to consolidated interest expense ratio was approximately 4.98 to 1.0, and the senior secured leverage ratio was 0.42 to 1.0.

At September 30, 2021, Crestwood Midstream had $985.3 million of available capacity under its credit facility considering the most restrictive debt covenants in its credit agreement. At September 30, 2021 and December 31, 2020, Crestwood Midstream’s outstanding standby letters of credit were $14.2 million and $23.9 million. Borrowings under the credit facility accrue interest at prime or Eurodollar based rates plus applicable spreads, which resulted in interest rates between 2.34% and 4.50% at September 30, 2021 and 2.40% and 4.50% at December 31, 2020. The weighted-average interest rate on outstanding borrowings as of September 30, 2021 and December 31, 2020 was 2.41% and 2.45%.

Senior Notes

2029 Senior Notes. In January 2021, Crestwood Midstream issued $700 million of 6.00% unsecured senior notes due 2029 (the 2029 Senior Notes). The 2029 Senior Notes will mature on February 1, 2029, and interest is payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2021. The net proceeds from this offering of approximately $691.0 million were used to repay a portion of the 2023 Senior Notes and to repay indebtedness under the CMLP Credit Facility.

2023 Senior Note Repayments. During the nine months ended September 30, 2021, we redeemed $687.2 million of principal outstanding under our 2023 Senior Notes. In conjunction with the repayment of the notes, we recognized a loss on extinguishment of debt of approximately $6.7 million during the nine months ended September 30, 2021, and paid approximately $8.6 million of accrued interest on the 2023 Senior Notes on the dates they were repurchased. We funded the

repayment using a portion of the proceeds from the issuance of the 2029 Senior Notes and borrowings under the CMLP Credit Facility.